TOKYO (AP) – Makoto Uchida, the chief executive of Japanese automaker Nissan Motor Co., is set to step down following the release of disappointing financial results by the company. On Tuesday, Nissan announced that Ivan Espinosa, who currently serves as the company's chief planning officer, will succeed Uchida as the new CEO.
Espinosa has been with Nissan since 2003 and has spent a significant portion of his career with the automaker in Mexico and Southeast Asia, where he has been instrumental in overseeing product planning, particularly in the shift toward electric vehicles.
Uchida will continue to serve as a director until the upcoming general shareholders' meeting, where additional leadership changes are expected to be confirmed. He had previously indicated his willingness to pave the way for new leadership as part of a broader strategy to revive the company’s fortunes.
Nissan did not provide detailed explanations for the leadership transitions, stating only that the move was part of an effort to "renew" company leadership for achieving long-term growth objectives. Executives from Nissan are scheduled to address the media in a news conference later in the day to discuss these changes further.
Speculation regarding Uchida’s future intensified after he recently called off negotiations with Honda Motor Co. aimed at establishing a joint holding company. These talks, announced late last year, were intended to integrate the operations of the two automakers. Uchida expressed his discontent with Honda’s suggestion that Nissan could become a subsidiary of Honda, labeling the proposal as unacceptable. However, he reassured stakeholders that their current strategic partnership for collaborative projects, including the development of electric vehicles, would continue.
The current financial outlook for Nissan is grim, with the company projecting a loss of 80 billion yen (approximately $540 million) for the fiscal year ending this month. This financial setback has heightened the urgency for management changes aimed at reversing the company’s fortunes.
In addition to Uchida's departure, Nissan announced several other significant managerial changes. Guillaume Cartier, the chief performance officer, will be taking on an expanded role focusing on global marketing and customer experience. Furthermore, Eiichi Akashi, formerly the corporate vice president of the Vehicle Planning and Vehicle Component Engineering Division, has been appointed as the chief technology officer, succeeding Kunio Nakaguro.
Teiji Hirata, a corporate vice president, will now take on the role of chief “monozukuri” officer and executive officer, handling manufacturing and supply chain management. This position was previously held by Hideyuki Sakamoto. Meanwhile, Jeremy Papin, the chief financial officer, has also been named an executive officer, though there has been no change in the role of Stephen Ma, chairperson of Nissan’s management committee in China.
The leadership shake-up at Nissan reflects a pivotal moment for the company as it grapples with challenging financial conditions and seeks to establish a new direction in an increasingly competitive automotive market.
